Insurance company Delta Lloyd was floated on the Amsterdam stock exchange on Tuesday at €16 a share, at the lower end of expectations.
Shortly after opening, the share price had gone down 3% to €15.50 and continued to hover around that level into the morning.
The €1bn flotation is the biggest involving a European company since the economic crisis began. ‘There is more uncertainty about financial institutions and that is playing a role,’ analyst Paul Beijsens of merchant bank Theodoor Gillissen told news agency ANP.
Delta Lloyd’s parent company Aviva said two weeks ago it would sell some 40% of the company via the IPO. Around 10% of the shares have gone to private individuals, the rest to institutions such as pension funds.
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